Though the concept of creating a single customer view is not new for the banking industry, some CIOs still find it vague and unclear. To dispel their doubts, we’ve prepared the following article explaining how banks can create a single customer profile and which obstacles may hinder its creation. Organization-centric software creates fragmented customer data […]
With the appearance of the Graphical User Interface (GUI) in the early 1980s, numerous websites and applications finally reached a wider audience. This became possible thanks to user-friendly GUI elements, such as icons, windows, menus, buttons, scroll bars and more. Nevertheless, the golden age of GUI-based applications seems to be gradually receding. Conversational UI in […]
On August 8, 2017 Oracle released its API-based Banking Payments solution to help banks accelerate the payment process. Oracle’s press release states that this banking software solution is based on ISO 20022 and supports Fedwire, U.S. Automated Clearing House, Swift as well as SEPA guidelines and standards for electronic data interchange. Still, standards compliance is not what makes the solution […]
Community banks have always positioned themselves as local providers with superior knowledge of customers’ needs. But this feature is no longer reserved for community banks only, as nationwide banks are coming with deeper pockets for innovative projects on customer relationship management. Competition with megabanks threatens community banks Known for their loan application consideration and customer-oriented […]
Operating in a highly commoditized industry, banks have limited possibilities to gain new clients. Since the sources of banks’ organic growth are exhaustible, selling more products and services to existing customers makes a great business sense for banks. Indeed, selling to existing customers is estimated to be almost 50% easier than selling to brand new prospects. Bain&Company […]
As stated in the latest Malauzai research, the mobile banking market became saturated. Striving to keep up with the competition, the absolute majority of banks invested in mobile banking development in the last decade. Currently, only the smallest financial institutions under $100 million in assets may still not have a mobile app. At first sight, it seems that […]
As retail banking faced numerous challenges in recent years, not all financial institutions realize how to respond to them effectively. That is why ScienceSoft’s IT consultants have come up with suggestions on how to take on the six most important challenges with banking software. 1. Tough competition The competition within the banking industry has significantly […]
It’s easy to get lost in banking IT environment, especially when it comes to managing the relationship with customers. For many years, retail banks pooled their efforts on creating IT systems and software that would facilitate account opening, balance maintenance, support periodic statement generation process. As a result, the majority of banks overlooked the importance […]
When was the last day you spent without checking your social network accounts? Having gained their popularity in 2002-2003, social media have engaged around 2.46 billions users worldwide. We enjoy Facebook, Twitter, Instagram, etc., for various reasons. There is so much we can do there: watching videos, reading news, communicating with friends, finding interesting events, sharing photos […]
While customers are learning how to use mobile banking apps instead of in-branch banking, cyber criminals are on the high alert opening up new possibilities for fraudulent activities. In these circumstances, banks of all sizes should carefully think how to increase mobile banking security and protect customers’ data. A new era in mobile banking fraud […]
